With just $0.05 a day, this Blueprint will make us strong, firm warriors in the battle to end poverty-->

Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Friday, June 6, 2014

Black Wall Street: Creating a new Black economic reality in the face of Black, Hispanic entrepreneurs being denied small business loans

Black Wall Street: Can a historic example help birth a new Black economic reality?

Cedric Muhammad recommends studying the rotating savings and credit traditions of Chinese, Japanese, West African and Jamaican communities as well as the free-loan societies of the Jewish community. He also recommended a study of the success of Black communities in Durham, N.C., and Richmond, Va.  The Economic Blueprint of the Most Honorable Elijah Muhammad and its re-introduction by Minister Farrakhan is a key factor that can make saving and pooling of resources not only an inter-generational activity but a lot of fun, Cedric Muhammad said.

“Intellectually, while we do know more today than 93-years-ago, that superior knowledge of self, others and technology has not been activated by a circumstance that compels us to do for self, as they, in Greenwood, Okla., once did,” said Mr. Muhammad. “Even the vast majority of us who know better won’t do better because our intellect and knowledge does not have the power to break the emotional attachment we have to integration. Our love for another civilization’s political and cultural identity is connected to a denial of our independent economic identity. There is still a psychological and emotional chain that has to be broken in order for us to change,” he added.

Support: Muhammad's Economic Blueprint

Black, Hispanic entrepreneurs discriminated against when seeking small business loans - The Washington Post

New academic research reveals that minority entrepreneurs are treated significantly differently (see: worse) than their white counterparts when seeking financing for a small business, even when all other variables — their credentials, their companies, even their clothes — are identical.

Conducted by business school professors at Utah State University, Brigham Young University and Rutgers University, the study featured nine businessmen—three white, three black, and three Hispanic. Similar in size and stature, donning the same outfits, and armed with similar education levels and financial profiles, they visited numerous banks seeking a roughly $60,000 loan to expand the very same business.

 

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